BBBE 1833 Tutorial 8 - 9 (Done).docx - BBBE1833 Microeconomics Prepared by Lecturer Ms Yap Fei Fuong TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE BACHELOR OF

BBBE 1833 Tutorial 8 - 9 (Done).docx - BBBE1833...

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BBBE1833 Microeconomics Prepared by Lecturer Ms. Yap Fei Fuong TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE BACHELOR OF ECONOMICS (HONS) BBBE 1833 MICROECONOMICS Tutorial 8: The Theory of Firm (Part 1/2) 1.Which of the following statements is TRUE? A.Costs are always explicit, never implicit.B.Costs are always implicit, never explicit.C.George runs a stationery shop; he paid Frank RM5,000 for the carpet heinstalled in the shop. The RM5,000 for carpet is an implicit cost.D.An implicit cost is a cost that represents the value of resources used inproduction for which no actual monetary payment is made. 2.Economic profit is the difference between total revenue and ____________. 3.Consider the following information about a business Jerry opened last year: price =RM5; quantity sold = 15,233; implicit cost = RM18,000; explicit cost = RM33,000.What was Jerry's accounting profit?
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